6 responses to “Eight sales, one contract, 7 price drops today”

Stan, I have decades of statistics on my side – what do you have? The time to drop your price is March, when, after three weeks on the market, you’ve received no offers. Come July, buyers are off with their kids on vacataion. They’ll be back in September, but by then your shabby old price reduction of July just looks worse, and you’ll have to take another one to compete with the new listings coming on.
The longer a house sits on the market, the worse it looks and the lower its price must be to attract a buyer.

This year, from my vantage point, vacationers aren’t staying away as long as two months, or even a month for that matter. We own a couple of rental properties; our decade-long tenants dried up; newbies are asking for much shorter stays. We were always rental snobs, insisting on a minimum of a month. These days, we say we’ll take what we can get. So maybe the traditional seasons of house buying have also changed? If I were house hunting, I’d absolutely positively shop when sellers/realtors don’t expect me to pounce….August.